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Nigeria Macroeconomic & Markets Report, April 2020

Nigeria Macroeconomic & Markets Report, April 2020

The Macroeconomy
• OPEC+ reach deal to cut 10mbpd.
• Inflation continued its relentless rise.
• CBN participation in I&E FX window dropped to zero.

The Financial Markets
• Fixed income returned to bull territory.
• IMF emergency funds boosted support for the Naira.
• Equity markets observed its strongest month yet.

Our Expectation for the Coming Months
• Oil prices to rise as demand returns.
• Inflation to maintain its upward trajectory particularly as lockdown effects kick in.
• Naira to improve supported by IMF emergency relief and CBN intervention.
• Manufacturing PMI to drop below 50 for the first time in 36 months.


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